RATESDOTCA, which offers a digital shop for insurance and financial products, has closed its new funding round on $51m.
The capital was an additional capital contribution from its majority shareholder Ontario Teachers’ Pension Plan Board. It also included debt financing, which was led by BMO Financial Group through a syndicated facility with TD Bank Group.
With the funds, the company hopes to grow its brand and deepen its technology.
Founded in 1999, the company helps more than eight million Canadians find the right insurance and financial products.
Its platform enables consumers to compare the prices on car, home, tenant, travel, life, health, dental and critical illness insurance. Users can also compare mortgages, credit cards, savings accounts and investments.
RATESDOTCA president and CEO Igal Mayer said, “We are excited to be working with three great organizations – Ontario Teachers’, BMO, and TD – and are confident in our long-term outlook as we push to grow our business rapidly in the next few years. Our goal is to help Canadians make better insurance and money decisions.
“The best way for us to do this is to focus this investment on bringing awareness to the power of comparison shopping, saving consumers millions of dollars, and making the buying experience for insurance and other financial products more transparent and easier for them.”
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